U.S. Sen. Pat Toomey said Monday he is hoping to produce his own plan to balance the federal budget in 10 years in time for the upcoming debate on raising the nation’s debt ceiling.
Mr. Toomey said he will vote to raise the debt limit from the present $14.29 trillion only if there is at least a broad plan that imposes controls on future federal spending, which has grown at an unsustainable rate.
The country is expected to reach the debt limit later this month, but Treasury Secretary Timothy Geithner said Monday he could use emergency measures to keep government spending promises until the first week in August.
“I’m willing to vote to raise the debt limit,” Mr. Toomey said during a Monday morning meeting with the Times-Tribune editorial board. He also appeared at the Greater Scranton Chamber of Commerce on Monday.
“I don’t like it, but I’m willing to do it, provided that we get some real cuts in spending and some real reforms in the process that got us here.”
Mr. Toomey again accused the Obama administration of falsely arguing that the nation would default on its debt payments if the debt limit is not raised. He and Mr. Geithner recently engaged in a spirited public exchange over the issue.
“It is irresponsible for them to be propagating this story,” Mr. Toomey said. “They are doing it so as to intimidate Republicans into capitulating and just giving them the debt-limit increase without any (spending) reforms.”